The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-16
ANNOUNCE THEIR READINESS
FOR BUSINESS,
But Before the Day Was Over
the Collapse Came-Iheir
Checks
WERE GARNISHED BY ROsEN
FIELD 4 CO., WHO TIED UP
$l,000,O 00-Some Exciting Private
Scenes-The Failures OF the
Day Other Places.

CHICAGO, ILL, June 15.-There was
an enormous crowd on the floor and
in the galleries Of the Board Of Trade
long before the opening hour this
morning. When the bell sounded at
$50 O'Clock roar wen. up, and the
days session he9sn. The fret sales OF
wheat were at 76i cents for June aud
76 cents ir July, which was an adj
vance Of I cents and ! cents respect
lively. Soon after the opening Presi.
dent Wright announced the suspen-
sion of three small firms-J. II. Yost
l. Co, B ]. McCleary and s. O. Orr.
The Suspension Of theae FIR ma did not
cause any excitement, as they were In
no way identified with the clique. Az
10 o'clock the price was 774 cents for
June and 761 cents for July wheat
The suspension Of Pickering & Co.,
another small firm, was announced
shortly after 10 o'clock.
An extra edition of an evening pa.
per ssgs; The indications now are
that KeIshaw & 90. will pull through.
and that dozens Of big failures that
were imminent will be averted. Jos.
Wiltshire, Of Cincinnati, the head and
kont OF the wheat clique, with a num-
Der oil friends, is In town with pot
OF money to back up Kershaw. 1t Ia
said that the Cincinnati crowd will
insist, before putting up, that Ker.
shsw's trades be reinstated. This Egg
gleston, Kershsw's partner, Ia able to
do himself II he chooses.
Kershaw said just before the OPEN
ing OF the board this morning: ~ will
pay my differences today and margins
to the Market"
Wiltshire said. "Kershaw has the
money and will 20 through today all
right"
1915 A. M-The announcement In
regard to Kershaw 4 90. seems TO
have been we'll founded, and that ffm
/. ia apparently meeting all claims. Ru-
NOR puts the amount Cd money at
their command at 81, 100000.
There was sensational and dra-
matte council at the American Ms
tional Bank this morning, 1t began
at 7 o'clock and settled the fate OF to- |
days market. There were present: |
Joe Wiltshire. of Cincinnati, q middle.
sized, swarthy man. Esgleeton, Ker-
shaw's special partner, whose fortune
Ia at stake Aow because, il Ia claimed,
he has been active in the business,
was there. Kershaw's face showed |
4 lines made BY the terrible forty-oighI |
hours strain. President ID. W. Irwin,
OF the bank, of the firm OF Irwin, |
Green x 90, was the most deter
mined looking man OF the !oL Cashier
Dswar, Of the bank, and several OF the
directors were present. This consul
tation b grn juet as soon % Wiltshire
got of the Cincinnati train at the foot
Of Lake street aud hurried to the
bank. He was accompanied by a
good looking, smooth faced young
fellow, whose sack coat bulged
as clerks some times do
when they are hurrying |
to the bank to make deposits. The
pair at once entered the bank and the
directors rose where the others were |
to meet them. The scene presented |
will not soon be forgotten. Kershaw |
was busy writing, His face was hpg- |
gard, but the man looked brave. Egg.
gles,on's face was study, too, as he |
ton dropped from his brow and his
green red beard was all awry. vii.
shire at 8 o clock let the bank and
walked 10 the corner Of Dearborn and
Monroe streets, where he met the
young fellow who had accompanied
him on the train, and who had beiors
this left the bank for the Richelieu
Hotel. The young fellows pockets
bulped sg,in. The two entered the
bank and In thirty minutes more the
council was over. Kerehaw had the
money TO pay his differences and to
margin the market. immediately
after the opening Of the board Of
trade the secretary raped for silence.
1t was q difficult thing to obtain, but
when 1t finally prevailed he read the
following:
"GRNrLkMKN-We are prepared to
pay all our clearing house differences
and to margin below the market.
@. J. KERSIlAW A CO."
4 yell OF de light broke out ut this,
aud the galleries, which were crowded
to suffocRtion by ladies, responded by
the waving of handkerchief. The few
announcements OF several small fail.
uIes that followed did not count.
The Board of Trade Directors held a
special session before the opening Of
Change today for the purpose OF de-
Gliding whether or not TO take any
action. 1t was thought when the
meeting was called that ii would be
best 70 adjourn the board q day In
order to allow the excitement to cool
of, but 1t was finally decided that no
action WIS necessary.
II A.A-The last raid by the bears
has had disquieting effect on the
board, and there is a renewal OF the
nervousness, excitement and uneer-
tAinty OF yesterday and early this
morning. This wss pro oably increased
by the rumor that Kershsw 4 Go
would margin their wheat down to 70
cents only.
AT 1880 am. the wheat pit was
as quiet as on an ordinary day, when
the bears made another raid on July
wheat, and il sold down by jumps TO
7SK9732c, TO 73.(979c, then up to 73io,
and back again to 7Sc. The pit is
once more all nervous excitement and |
uncertainty. The members who had !
sought the other pits during the calm
have sgain returned 10 the wheat pit. |
1920 A. NJ Liberal orders TO buy
wheat are coming in from cu,slde |
points, and the market is hecomii
s.eadier. July sold up 10 FAC, and lie |
row quoted at 1850 with stronger
e n1ency.
ali 80 A.M -Four more failures have |
lust tesn announced on Change. The
Arms are =. B. BaldiDg & o., Crosby |
& Co., Hibbsrd & Go, and NJ. r.
Gratis. Balding & Co claim to be even |
on the market. The SUSPENSION OF ,
Hubbard & o., and O osby q Co,
caused some surprise, as both came